8chartM

Technical Update - DAX, AEX25, BEL20, CAC40 and SMI20

Equities 4 minutes to read
KCL
Kim Cramer Larsson

Technical Analyst, Saxo Bank

Summary:  In this Technical Update: DAX / GER40, AEX25 / NETH25, BEL20 / BELG20, CAC40 / FRA40 and SMI20 / SWISS20


DAX is range bound between 16,060 and 15,482. Break out needed for direction. Negative sentiment on RSI is indicating break is to be to the down side, and with the 55 and 100 Moving Average slightly declining the underlying trend sentiment is bearish.

If closing below key support at around 15,482 there is downside risk to around 15K.

Breaking bullish can be a struggle with the two Moving Average acting as a ceiling. It could be a struggle for DAX to penetrate. But if it does a move to July peak around 16,500 is likely
dax d 1409
Source all charts and data: Saxo Group
ger40 d 1409
AEX25/NETH25 is bouncing from key strong support at around 730. However, the trend is down and there is no RSI divergence supporting the view of lower AEX levels. If AEX is closing below 730 a swift sell-off down to around 716-710 support is likely.

For AEX to demolish the bearish trend a close above 755 is needed.

However, with the 55 Moving Average on the verge of breaking below the 100 while they are bot declining thus forming a Death Cross upside potential is limited. That is not bullish for AEX
aex25 d 1409
neth25 d 1409

BEL20/BELG20 is side stepping failing to close above key resistance at around 3,696.
RSI sentiment is negative indicating BEL20 is likely to trade lower in coming days and weeks.

A close below 3,610 could ignite a sell off down to around 3,600-3,550.

A close above 3,696 is needed for BEL20 to reverse to uptrend

bel20 d 1409
belg20 d 1409
CAC40/FRA40 Index has been range bound since April with a bearish undertone. The 200 Moving Average is providing support  but upside potential seems limited with the Index moving below declining 55 and 100 Moving Averages. A re-test of key strong support at around 7,082 is in the cards.

If CAC40 is closing below 7,082 there is no strong support until around 6,900
cac40 d 1409
fra40 d 1409
SMI20/SWISS20 is forming symmetrical triangle pattern. Break out is needed for direction.
Break out direction is likely to be to the downside as indicated by the negative RSI sentiment and all Moving Averages declining

If that is the scenario that will play out SMI has downside potential to around 10,515 before finding support.
Minor support at around 10,750.

If Bullish break out there is strong overhead resistance with the declining Moving Averages above the Index.
A close above 11,173 is needed for bullish trend
smi20 d 1409
swiss20 d 1409

Outrageous Predictions 2026

01 /

  • Executive Summary: Outrageous Predictions 2026

    Outrageous Predictions

    Executive Summary: Outrageous Predictions 2026

    Saxo Group

    Read Saxo's Outrageous Predictions for 2026, our latest batch of low probability, but high impact ev...
  • A Fortune 500 company names an AI model as CEO

    Outrageous Predictions

    A Fortune 500 company names an AI model as CEO

    Charu Chanana

    Chief Investment Strategist

    Can AI be trusted to take over in the boardroom? With the right algorithms and balanced human oversi...
  • Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    Outrageous Predictions

    Despite concerns, U.S. 2026 mid-term elections proceed smoothly

    John J. Hardy

    Global Head of Macro Strategy

    In spite of outstanding threats to the American democratic process, the US midterms come and go cord...
  • Dollar dominance challenged by Beijing’s golden yuan

    Outrageous Predictions

    Dollar dominance challenged by Beijing’s golden yuan

    Charu Chanana

    Chief Investment Strategist

    Beijing does an end-run around the US dollar, setting up a framework for settling trade in a neutral...
  • Obesity drugs for everyone – even for pets

    Outrageous Predictions

    Obesity drugs for everyone – even for pets

    Jacob Falkencrone

    Global Head of Investment Strategy

    The availability of GLP-1 drugs in pill form makes them ubiquitous, shrinking waistlines, even for p...
  • Dumb AI triggers trillion-dollar clean-up

    Outrageous Predictions

    Dumb AI triggers trillion-dollar clean-up

    Jacob Falkencrone

    Global Head of Investment Strategy

    Agentic AI systems are deployed across all sectors, and after a solid start, mistakes trigger a tril...
  • Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Outrageous Predictions

    Quantum leap Q-Day arrives early, crashing crypto and destabilizing world finance

    Neil Wilson

    Investor Content Strategist

    A quantum computer cracks today’s digital security, bringing enough chaos with it that Bitcoin crash...
  • Taylor Swift-Kelce wedding spikes global growth

    Outrageous Predictions

    Taylor Swift-Kelce wedding spikes global growth

    John J. Hardy

    Global Head of Macro Strategy

    Next year’s most anticipated wedding inspires Gen Z to drop the doomscrolling and dial up the real w...
  • SpaceX announces an IPO, supercharging extraterrestrial markets

    Outrageous Predictions

    SpaceX announces an IPO, supercharging extraterrestrial markets

    John J. Hardy

    Global Head of Macro Strategy

    Financial markets go into orbit, to the moon and beyond as SpaceX expands rocket launches by orders-...
  • China unleashes CNY 50 trillion stimulus to reflate its economy

    Outrageous Predictions

    China unleashes CNY 50 trillion stimulus to reflate its economy

    Charu Chanana

    Chief Investment Strategist

    Having created history’s most epic debt bubble, China boldly bets that fiscal stimulus to the tune o...

This content is marketing material. 

None of the information provided on this website constitutes an offer, solicitation, or endorsement to buy or sell any financial instrument, nor is it financial, investment, or trading advice. Saxo Bank A/S and its entities within the Saxo Bank Group provide execution-only services, with all trades and investments based on self-directed decisions. Analysis, research, and educational content is for informational purposes only and should not be considered advice or a recommendation.

Saxo’s content may reflect the personal views of the author, which are subject to change without notice. Mentions of specific financial products are for illustrative purposes only and may serve to clarify financial literacy topics. Content classified as investment research is marketing material and does not meet legal requirements for independent research.

Saxo partners with companies that provide compensation for promotional activities conducted on its platform. Some partners also pay retrocessions contingent on clients investing in products from those partners. 

While Saxo receives compensation from these partnerships, all educational and research content remains focused on providing information to clients.

Before making any investment decisions, you should assess your own financial situation, needs, and objectives, and consider seeking independent professional advice. Saxo does not guarantee the accuracy or completeness of any information provided and assumes no liability for any errors, omissions, losses, or damages resulting from the use of this information.

Please refer to our full disclaimer and notification on non-independent investment research for more details.

Saxo Bank A/S (Headquarters)
Philip Heymans Alle 15
2900 Hellerup
Denmark

Contact Saxo

Select region

International
International

All trading and investing comes with risk, including but not limited to the potential to lose your entire invested amount.

Information on our international website (as selected from the globe drop-down) can be accessed worldwide and relates to Saxo Bank A/S as the parent company of the Saxo Bank Group. Any mention of the Saxo Bank Group refers to the overall organisation, including subsidiaries and branches under Saxo Bank A/S. Client agreements are made with the relevant Saxo entity based on your country of residence and are governed by the applicable laws of that entity's jurisdiction.

Apple and the Apple logo are trademarks of Apple Inc., registered in the US and other countries. App Store is a service mark of Apple Inc. Google Play and the Google Play logo are trademarks of Google LLC.